Corner Conventional
For Sale
Contact for pricing
53100 Gratiot, New Baltimore, MI 48051
Operating restaurant with included furniture, fixtures, equipment, and required licenses at a two-road-access commercial corner.
Property Size3,813 SF
Price / SF$367.16
Days on Market137
Property Features for 53100 Gratiot
General Information
Standard status
Active
Size
3,813 SF
Property subtype
Retail
Building Details
Year Built
2005
Listing Agency:
Coldwell Banker Weir Manuel Plymouth
(248) 225-7180
Listed By:
George Stathakis · License #6501380479
Source:
Crexi
Added: Apr 16
Changed: Aug 29
Last Checked: Aug 29 at 4:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Weir Manuel Plymouth
Investment Insights
Based on property information with market context.
This operating restaurant occupies a well-maintained building constructed in 2005. Furniture, fixtures, equipment, and required licenses are included, supporting continuity for a new operator. The property is positioned at the corner of Gratiot Road and 24 Mile, with access from both roads and a configuration suited to its current restaurant use.
Located at 53100 Gratiot in New Baltimore, Michigan, the site benefits from exposure to traffic along Gratiot Road and 24 Mile. The building can continue serving as a restaurant, while the corner position and dual access provide additional flexibility for future commercial planning. Showings are arranged through the listing agent outside business hours.
Located at 53100 Gratiot in New Baltimore, Michigan, the site benefits from exposure to traffic along Gratiot Road and 24 Mile. The building can continue serving as a restaurant, while the corner position and dual access provide additional flexibility for future commercial planning. Showings are arranged through the listing agent outside business hours.
Key Highlights
- Hard‑corner position at Gratiot Road and 24 Mile
- Dual access from Gratiot Road and 24 Mile
- Operating restaurant with furniture, fixtures, and equipment included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,970
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$999,400
$999.4K
Cap Rate 7%
$713,857
$713.9K
Cap Rate 9%
$555,222
$555.2K
Market Conditions
NOI Build-Up for 3,813 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.5K $19.80/SF
− Vacancy
−$8.9K −$2.33/SF
EGI
$66.6K $17.47/SF
− OpEx
−$16.7K −$4.37/SF
NOI
$50.0K $13.11/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$999,400
Cap Rate 7%
$713,857
Cap Rate 9%
$555,222
Alternative Uses
Best Use
Specialty Retail
$713.9K
$624.6K – $832.8K
NOI $49,970 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$402.7K
$352.3K – $469.8K
NOI $28,186 @ 7.0% cap · market cap 2.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48051, MI
17,718
Population
7,255
Households
2.4
Avg Household Size
40
Median Age
24%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
1,248
Density / Sq Mi
$89,923
Median Household Income
$50,569
Median Earnings
$1,064
Median Rent
$247,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant with included furniture, fixtures, equipment, and required licenses at a two-road-access commercial corner.
Where is this conventional restaurant located?
The property is located at 53100 Gratiot New Baltimore, MI.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Hard‑corner position at Gratiot Road and 24 Mile; Dual access from Gratiot Road and 24 Mile; Operating restaurant with furniture, fixtures, and equipment included
